Tokio Marine, RHB Bank cancel planned insurance unit merger
Posted On: Dec. 13, 2019 5:35 AM CSTThe planned acquisition of Malaysia-based RHB Bank Berhad’s general insurance unit by Japanese insurer Tokio Marine Holdings Inc.'s subsidiary has been abandoned as the parties failed to reach an agreement, The Edge Markets reported. As part of the proposed deal, which was announced in July, RHB Bank had agreed to sell its entire 94.7% stake in RHB Insurance Berhad to Tokio Marine’s subsidiary Tokio Marine Asia Pte Ltd.